It prompted the resignation of late deputy first minister Martin McGuinness and collapse of the institutions.

Disputes over the place of the Irish language and other identity issues have bedevilled efforts to rebuild a consensus.

The British Government has made parliamentary time available to reinstate Stormont powersharing next week should a deal be clinched, it emerged on Thursday.

The Leader of the House of Commons Andrea Leadsom said she was "hopeful" of good news.

Leader of the House of Commons Andrea Leadsom (Alastair Grant/AP)

Sinn Fein's northern leader Michelle O'Neill said: "We have been engaged over recent days in intensive talks to get the political institutions up and running with equality, respect and integrity at their core.

"A new Executive can only be sustainable if there is an end to the denial of rights which citizens enjoy everywhere else across these islands.

"There are still very real challenges to be addressed in the talks if we are to have political institutions which deliver for, and enjoy the confidence of all citizens.

"The two governments have a responsibility to ensure previous agreements and commitments are implemented."